Airwallex announces new payments solution for UK and Europe

Australian fintech Airwallex has launched a new card payment acceptance solution to support the growth of ecommerce in the UK and Europe.

Accepting both Visa and Mastercard, the company’s ‘world-class payment acceptance’ solution provides users with a seamless and intuitive experience, allowing customers to pay in over 15 local currencies fast and streamline their cash flow.

Furthermore, conversions are carried out at the mid-market rate with funds repatriated at zero cost.

It is hoped by Airwallex that this optimised payment process will enable ecommerce to flourish by eliminating the myriad complexities and convoluted ecosystems of the present industry.

Accelerating the growth of ecommerce

A consequence of the COVID-19 pandemic has been a distinct rise in the year-on-year popularity of online shopping - Statista estimates that UK ecommerce could grow by 17.6% in 2021, distinctly faster than the incremental gains recorded prior.

As we’ve already seen, the pandemic has been a catalyst for digital finance and a step closer to what some believe could be a cashless economy.

The decline of the high street, which was already underway but has subsequently been accelerated by COVID-19 restrictions, the rise of ecommerce and the predominance of digital systems of payment appear to be intrinsically linked.

If online shopping is to become the new standard, merchants will need to adapt and have new systems in place capable of making trade easier. This is where the value of Airwallex’s announcement originates.

“Ecommerce merchants today have access to many tech-driven ecommerce solutions that can help them easily set up and run their international operations. Existing cross-border financial services, which are a crucial part of this process, do not offer the same seamless experience,” said James Butland, VP of Global Banking.

“With the introduction of our new card payment acceptance product, Airwallex now offers everything a merchant needs to operate internationally in an end-to-end platform at the lowest cost. 

“As ecommerce growth continues to accelerate Airwallex is committed to bringing products and services to market that help scale the digital economy and support businesses of all sizes in operating globally.”